Heterogeneous Responses of Chinese Cities＇ Housing Prices to Monetary Policies

This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the h...

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Published inCommunications in theoretical physics Vol. 56; no. 10; pp. 791 - 796
Main Author 闫妍 王延颋 朱晓武
Format Journal Article
LanguageEnglish
Published IOP Publishing 01.10.2011
Subjects
Clusters
Correlation analysis
Economics
Housing
Mathematical analysis
Policies
Trends
Variance
中国城市
价格指数
异构
房价
最小方差
相关系数
聚类分析方法
货币政策
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ISSN0253-6102
DOI10.1088/0253-6102/56/4/33

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Summary:This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the housing price indices of every two cities. Time difference correlation analysis is then employed to quantify the relations between the housing price indices of the six clusters and the monetary policies. It is suggested that the housing prices of various cities evolved at different paces and their responses to the monetary policies are heterogeneous, and local economic features are more important than geographic distances in determining the housing price trends.
Bibliography:monetary policy, housing price, heterogeneous responses, cluster
This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the housing price indices of every two cities. Time difference correlation analysis is then employed to quantify the relations between the housing price indices of the six clusters and the monetary policies. It is suggested that the housing prices of various cities evolved at different paces and their responses to the monetary policies are heterogeneous, and local economic features are more important than geographic distances in determining the housing price trends.
YAN Yan , WANG Yan-Ting , and ZHU Xiao-Wu（1School of Management, Graduate University, Chinese Academy of Sciences, Beijing 100080, China 2Key Laboratory of Frontiers in Theoretical Physics, Institute of Theoretical Physics, Chinese Academy of Sciences, Beijing 100190, China 3School of Business, China University of Political Science and Law, Beijing 100088, China）
11-2592/O3
ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0253-6102
DOI:10.1088/0253-6102/56/4/33